A Los Angeles City Council committee on Friday unanimously approved $360 million in Measure ULA funding to support the creation of more than 4,000 units of affordable housing units over 80 projects.
The Ad Hoc Committee on Measure United to House L.A. (ULA) forwarded the recommendation to the full council for consideration. Funding comes from a voter-approved measure in 2022, which placed a tax on real estate sales at and above $5.3 million.
“Today’s action moves this historic investment one step closer to delivering housing solutions for Angelenos,” City Councilwoman Ysabel Jurado, who chairs the committee, said in a statement. “I’m focused on moving these Measure ULA dollars from promise to progress so we can build and preserve more than 4,000 affordable housing units citywide. Voters demanded action, and we are delivering it.”
ALSO SEE: Los Angeles City Council commissioned reports to understand impacts of Measure ULA
The largest share of investment is expected to come to Jurado’s 14th Council District, encompassing downtown and northeast L.A. neighborhoods, with more than 1,700 affordable housing units across 25 development projects.
Jurado also noted about $14 million in Measure ULA funding has been allocated to the ULA Emergency Income Support Program, which provides up to $19,000 in financial assistance to low-income renters living with seniors or people with disabilities.
ALSO SEE: $1 billion raised by Measure ULA for homeless and housing efforts in LA
She encouraged eligible tenants across the city to learn about the program and apply before the April 30 deadline. More information about the initiative can be found at cifd.forwardplatform.com.
Critics of the measure say it has been an overreach, and has actually harmed the production of housing in the city. Not all the money has been allocated due to legal challenges.
Earlier this year, the Howard Jarvis Taxpayers Association filed thousands of signatures for a ballot measure to overturn tax measures statewide such as those like ULA.
The City Council formed an ad hoc committee in a bid to make changes to ULA. Any proposals to alter the measure are anticipated to be placed on the November ballot for voters to decide.
Ad hoc committee members are expected to consider a report recently released by the housing department.
Housing officials have recommended changes to ULA, which includes exempting new projects from paying the tax, and making sure other sources of funds are not impacted by the rules set forth by the measure, among other things.
In January, the Los Angeles Housing Department reported the tax generated $1 billion in revenue for housing production and tenant protection programs.